BANKING & FINANCE - March 16, 1994
From Times Staff and Wire Reports
1993 Bank Profits Hit Record $43.4 Billion: The Federal Deposit Insurance Corp. said the earnings marked a 36% improvement over the previous record of $32 billion, set in 1992, itself a 79% increase over the $17.9 billion earned in 1991. Ninety-five percent of all banks reported profits, the highest share since 1980, and two of every three banks reported higher profits than for 1992. Return on assets, a standard measure of profitability, hit 1.21%, topping 1% for the first time since the FDIC began operating in 1934. The loan loss total was $17.5 billion, the lowest in six years.
